It may be a better way to go for a public forum like Reddit. Don't kid yourself though into thinking the non-profit foundation won't also be rife with petty politics, hidden agendas, and the usual crap. There will still be issues, and how to handle NSFW content is still going to be a big conflict.
Those aren't the problems I was expecting to solve. Those are other problems that exist regardless of funding model, because they're fundamentally social problems.
A non-profit funding model simply solves the problem of venture capital undermining the core product in search of profits.
It also introduces a larger problem of shutting down entirely if they can't pay for server costs. That's always going to be a bigger problem than VC's.
Wikipedia only does so because it is bankrolled by universities and other institutions. And we should note that Wikipedia doesn't have to host videos, and has strict requirements on how to host images. I can't think of those places doing the same for Reddit.
HN chose to be pure text and not embed external resources, but this is just an editorial choice, it wouldn't cost more resources to add them.
Keeping the lights on is never a guarantee for anything. VC funding can also run out. Being for-profit locks an organization out of crowd-sourcing, institutional grants and other funding sources that non-profits have available.